KARACHI: President FPCCI Irfan Iqbal Sheikh has categorically demanded that CNIC condition should be withdrawn in the upcoming Federal Budget 2022–23 and the Finance Act 2022 for being counterproductive as it has failed to generate more taxes; but given a rise to the use of flying invoices and fake documentation.
Nowhere in the world a buyer is asked to submit CNIC while making a purchase and the conditionality defies every administrative, regulatory, operational, commercial and economic sense, he added.
He added that FPCCI has also briefed Miftah Ismail, Federal Minister for Finance and Revenue on the issue and how it is hampering the economic and commercial activities in the country.
FPCCI chief explained that this condition negatively affects the production and market sales of the businesses in Pakistan.
He further said that the only workable solution to generate more taxes is to present a business-friendly and pro-growth budget in consultation with the stakeholders, i.e. businessmen, traders and industrialists.
Copyright Business Recorder, 2022
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